本研究採用台灣經濟新報（Taiwan Economy Journal）2013年至2022年台灣上市櫃公司資料，探討性別多元化與公司績效的關聯性。關鍵變數以女性董事比例、女性高階主管比例、女性CEO三項來衡量性別多元化程度；應變數則採用兩項公司財務績效指標：資產報酬率、股東權益報酬率來進行分析。 OLS模型實證結果顯示，女性董事、女性高階主管對績效皆有正向顯著的關連性，再以公司固定效果模型估計結果證實，當公司中女性高管及董事的比重提高，即女性高層扮演的角色愈形重要時，的確有助於企業營運績效的顯著提升。本研究最大的貢獻之一在於發現高層女性比例較高的公司，其經營績效較佳，此現象不僅存在於公司之間，在公司內部亦是如此。此項發現提供給企業公司治理上性別多元相當重要的實務意涵：若能提升公司內部之女性董事、女性高階主管比例，確實對公司績效有明顯提升的效果。 本研究進一步將樣本區分為個別產業進行分析，研究發現，在製造業中，女性的角色不論在董事會及公司高層都有舉足輕重的地位；在服務業中，僅女性董事比例對績效呈現顯著正相關；在營造業、運輸業（含觀光旅遊業）女性的特質並未能對公司績效產生正面影響。另外本研究最大的貢獻之二在於發現製造業中的電子業，其性別多元化對公司績效的正向關係非常顯著，顯見近年來女性教育及工作能力提升，在充滿陽剛性的電子業中，女性已邁向關鍵多數，發揮多元化的影響力。 ;This study utilizes data from the Taiwan Economy Journal covering the period from 2013 to 2022 for listed and over-the-counter companies in Taiwan to investigate the relationship between gender diversity and company performance. The independent variables measure the gender diversity level through the differences in gender composition of female directors, female senior executives, and female CEOs, while the dependent variables measure company financial performance(ROA、ROE).
The empirical results of the OLS model show that female directors and female senior executives have a positive and significant correlation with performance. The estimation results of the company′s fixed effects model confirm that when the proportion of female executives and directors in the company increases, that is, the role played by female senior executives increases. When the role becomes more important, it will indeed help to significantly improve the company′s operational performance. Companies with a higher proportion of women at senior levels have better operating performance. This phenomenon not only exists between companies, but also within companies. This finding provides important practical implications for gender diversity in corporate governance: if the ratio of female directors and female executives within the company can be increased, it will indeed have a positive impact on the gender diversity of companies. The company′s performance has been significantly improved.
For companies, gender diversity signifies more than just the quantity of genders within the workforce; it emphasizes the importance of heterogeneity and the accommodation of diverse perspectives through communication and interaction. Respecting and understanding gender differences, starting from the top management level, is essential to achieving gender balance as the ultimate goal, which, in turn, brings tangible profits and creates value for the company.
